Stanley Fink has announced that he is to step down from his position as chief executive of the Man Group in order to become a private philanthropist.
The move is a radical departure for the businessman, who has overseen growth in the group’s funds from $4.7 billion to $54 billion since becoming chief executive in 2000.
He will be replaced as chief executive by finance director Peter Clarke, although he will stay on as a non-executive deputy chairman.
The chairman of the Man Group, Harvey McGrath says, “Stanley has indicated to the board his wishes to become non-executive, not least in order to be able to commit more time to personal interests, in particular his philanthropic activities.”